Strategic Risk Management

Macquarie University Applied Finance Centre
Sydney, NSW, Australia

Course Format: Classroom | E-learning | Virtual Class | Online/Live | On-site/In-house | Blended | Self-paced

Course Description:

'' Recent crises in the global financial system have highlighted the importance of good risk management and firms that have been seen to manage risk have fared better than their competitors. Not only have corporate, securities, and industry regulators (such as ASIC, ASX and APRA) demanded that listed companies raise their game as regards risk management, rating agencies have announced that, in future, corporate ratings will be based on the quality of a firm’s risk management ’culture’. But beyond mere compliance, superior risk management has become an imperative for boards and management seeking to build a sustainable business.
There is, however, no easy template for good risk management and boards and executives must develop the ’framework’ that is most appropriate for their business model and then to put in place the governance and organisation structures needed to embed good risk management practices in all parts of their firm.
This course presents the latest thinking on risk management ’best practice’ and how these models may be used to satisfy the most stringent of regulators’ requirements. Difficult concepts, such as strategic risk, enterprise risk and risk appetite are described and lessons learned from recent failures of risk management are explained through relevant case studies. The course also uses practical exercises to help participants gain an understanding of how the tools and techniques described in the course may be used in practice in their own situations.

Detailed Outline
1.Risk Management �A Business Imperative
Increasing Risks in the Global Economy
Expanding and Cascading Risks
What is Risk Management?
Why do we do Risk Management?
Risk Management - A Board Issue
Risk Management - A Shareholder Issue
Risk Management - A Regulatory Issue
Risk Management - A Customer Issue
What is Strategy?
Strategic Risk and Strategic Risk Management?
Modern Risk Management �Frameworks, Governance & Organization
2.Risk and Regulation
Corporate Regulation - ASX Principle 7 and its implications
Industry Regulation - Basel II, APRA - Banking and Insurance, Sarbanes/Oxley
Rating Agencies - S&P, Moody’s, A.M. Best
3.Risk Management Failures
The Credit Crunch
Strategic Risks
Reputational Risks
Operational Risks
People Risks
Program/Project Risks
Technology Risks
Lessons from Risk Management Failures
4.Risk Management Frameworks
Enterprise Risk Management
AS/NZS 4360, COSO and other Risk Management Frameworks
ISO 31000 - New Risk Management Standard
GRC (Governance, Risk and Compliance) Capability Model
A Case Study
A hypothetical listed company will be used as a case study to work through the issues of developing a modern Risk Management Governance Framework and Organisation, in particular, developing:
Board Commitment to Risk Management
Risk Management Framework
Risk Appetite and Tolerances
Risk Reporting - Key Risk Indicators
Risk Treatment
5.Risk Management Governance
The Modern Model of Risk Management
The Board and Its Risk Committee
Risk Management Framework
Risk Management Reporting, Monitoring and Compliance
Risk Management Governance
Risk Management Culture
Risk, Return and Remuneration
Risk Appetite and Tolerances
6.Risk Management Organisation and Processes
The Executive and Its Risk Committee
The CRO and the Independent Risk function(s)
Risk Culture in Business Units
Identifying and Prioritising Risks
Key Risk Indicators
Remuneration - Risk Adjusted Performance Measures
Crisis Management
Business Continuity
The Board and Its Risk Committee
The CRO and the Independent Risk function(s)
The Executive and its Risk Committee(s)
Business Lines and Business Risk Function(s)
Audit Functions
Conflicts of Interest
Strategic Risk Management
7. Risk Management Process
AS/NZS 4360:2004 Risk Management process
Key Risk Indicators
Business Continuity
Crisis Management
8.Strategic Risk Management
Systems Thinking
Porter’s Model of Industry Competition and the Value Chain
The Product Lifecycle and Disruptive Technology
External Risk Analysis - Identifying and Prioritising
Developing a Risk Appetite and Risk Tolerances
Scenario Analysis
Scenario Planning and Scenario Analysis
Monte Carlo Simulation
Real Options
9.Bringing it All Together
The Future of Risk Management
Risk Management: from Theory to Practice
Paradox of Strategic Risk Management
Strategic Risk Management: from Theory to Practice
The Future of Risk Management ...''

Elements of this syllabus are subject to change.

Phone:+61 2 9850 7111

School Address/Venue(s):

Macquarie University
Balaclava Road, North Ryde,
New South Wales
2109 Australia


Jobs & Resumes: Sydney
Houses & Roommates: Sydney
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